10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

OR

[    ] TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

From the transition period from ___________ to ____________.

Commission File Number 333-138111

PREMIER OIL FIELD SERVICES, INC.

(Exact name of small business issuer as specified in its charter)

Nevada	27-2262066
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

1713 Morrish Lane, Heath, Texas 75032

(Address of principal executive offices)

(972) 772-9493

(Issuer's telephone number)

N270 Southern Drive, Royce City, Texas 75189-5704

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:.  Yes [ X ]   No [     ].

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer [  ]	Accelerated Filer [  ]
Non-Accelerated Filer [  ]	Smaller Reporting Company [X]

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act:  Yes [    ]   No [ X ].

As of November 14, 2012, there were 7,346,336 shares of Common Stock of the issuer outstanding.

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TABLE OF CONTENTS

	PART I FINANCIAL STATEMENTS
Item 1	Consolidated Financial Statements	3
Item 2	Management’s Discussion and Analysis or Plan of Operation	13
Item 4	Controls and Procedures	15
	PART II OTHER INFORMATION
Item 6	Exhibits	16
	Signatures	16

2

PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2012 AND DECEMBER 31, 2011
ASSETS		September 30, 2012			December 31, 2011
Current Assets		(Unaudited)
Cash and Cash Equivalents	$	58,847		$	112,895
Accounts Receivable (net of allowance for doubtful accounts of $0 and $0)		45,564			63,972
Total Current Assets		105,411			176,867
Fixed Assets (net of accumulated depreciation of $319,979 and $250,864)		197,602			160,006
Other Assets		5,358			5,188
TOTAL ASSETS	$	308,371		$	342,061
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	35,173		$	59,219
Accrued Expenses		3,306			23,284
Current Portion of Settlement Payable (Note 6)		50,960			61,152
Current Portion of Notes Payable		41,516			20,022
Total Current Liabilities		130,955			163,677
Long Term Liabilities:
Loan From Shareholder		52,255			3,334
Long Term Accounts Payable		200			200
Long Term Portion of Settlement Payable		0			20,384
Notes Payable		162,342			85,529
Less: Current Portion of Notes Payable		(41,516	)		(20,022	)
Total Long Term Liabilities		173,281			89,425
TOTAL LIABILITIES		304,236			253,102
Stockholders’ Equity
Preferred stock, $0.001 par value, 20,000,000 authorized,
-0-  issued and outstanding at September 30, 2012 and December 31, 2011		0			0
Common stock, $0.001 par value, 50,000,000 authorized,
7,346,336 and 7,346,336 issued and outstanding at September 30, 2012 and December 31, 2011		7,346			7,346
Additional Paid in capital		277,862			277,862
Accumulated Deficit		(281,073	)		(196,249	)
Total Stockholders’ Equity		4,135			88,959
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	308,371		$	342,061
See accompanying summary of accounting policies and notes to consolidated financial statements.

3

PREMIER OIL FIELD SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
REVENUES
Third Party Revenues	$	41,450		$	42,743		$	253,799		$	215,856
Related Party Revenues		—			73,301			—			85,001
TOTAL REVENUES		41,450			116,044			253,799			300,857
COST of SALES (inclusive of depreciation of $28,113 and  $19,555 for three months and  $78,029 and $55,348 for nine months)		34,124			25,160			112,179			78,865
Gross Profit		7,326			90,884			141,620			221,992
Operating Expenses:
Depreciation and Amortization		251			488			754			1,462
Other General and Administrative		14,334			107,985			228,410			305,470
Total Operating Expenses		14,585			108,473			229,164			306,932
Operating Income (Loss)		(7,259	)		(17,589	)		(87,544	)		(84,940	)
Other Income (Expense)
Interest Income		15			6			49			16
Other Income		11,613			—			11,613
Loss on Sale of Assets		—			—			—			(9,448	)
Interest Expense		2,493			(1,886	)		(8,942	)		(7,408	)
Total Other Income (Expense)		14,121			(1,880	)		2,720			(16,840	)
Net Income (Loss)	$	6,862		$	(19,469	)	$	(84,824	)	$	(101,780	)
Basic and Diluted Loss per share	$	0.00		$	(0.00	)	$	(0.01	)	$	(0.01	)
Weighted Average Shares Outstanding:
Basic and Diluted		7,346,336			7,343,736			7,346,336			7,258,025

See accompanying summary of accounting policies and notes to consolidated financial statements.

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PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For the Year Ended December 31, 2011 and the Nine Months Ended September 30, 2012
	Common Shares		Common Amount		Additional Paid In Capital		Accumulated Deficit			Total
Balance at  January 1, 2010	7,000,000	$	7,000	$	18,456	$	(174,776	)	$	(149,320	)
Sale of Stock for Cash	346,336		346		259,406		0			259,752
Net Loss	0		0		0		(21,473	)		(21,473	)
Balance at December 31, 2011	7,346,336		7,346		277,862		(196,249	)		88,959
Net Loss	0		0		0		(84,824	)		(84,824	)
Balance at  September 30, 2012 (unaudited)	7,346,336	$	7,346	$	277,862	$	(281,073	)	$	4,135

 See accompanying summary of accounting policies and notes to consolidated financial statements. 

5

PREMIER OIL FIELD SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 and 2011 (Unaudited)
		September 30, 2012			September 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income  (Loss)	$	(84,824	)	$	(101,780	)
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation Expense		78,783			56,810
Loss on Sale of Assets		—			9,448
Changes in assets and liabilities:
Decrease in Accounts Receivable		17,408			10,815
(Increase) in Other Current Assets		(170	)		(2,347	)
(Decrease) Accounts Payable		(50,542	)		(85,596	)
(Decrease) Accrued Expenses		(24,058	)		(22,076	)
NET CASH (USED IN) OPERATING ACTIVITIES		(63,403	)		(134,726	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sale of Assets		119,239			42,000
Purchase of Fixed Assets		(235,618	)		(81,899	)
NET CASH (USED IN) INVESTING ACTIVITIES		(116,379	)		(39,899	)
CASH FLOWS FROM FINANCING ACTIVITES
Sale of Stock for Cash		—			259,752
Subscription Receivable		—			(1,950	)
Advances on Shareholder Loan		48,921			23,017
Payments on Note Payable		(138,842	)		(66,082	)
Proceeds from Notes Payable		215,655			96,489
NET CASH PROVIDED BY FINANCING ACTIVITIES		125,734			311,226
NET CHANGE IN CASH AND CASH EQUIVALENTS		(54,048	)		136,601
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		112,895			—
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	58,847		$	136,601
SUPPLEMENTAL DISCLOSURES
Cash Paid During the Period for Interest Expense	$	8,942		$	7,408
Loss on Sale of Assets	$	—		$	9,488
See accompanying summary of accounting policies and notes to consolidated financial statements.

6

PREMIER OIL FIELD SERVICES, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2012

(Unaudited)

NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Premier Oil Field Services, Inc. (The “Company” or "Premier") serves the oil and gas industry with down-hole drilling motors. These motors are used in the oil and gas well drilling process to drill out frac plugs and other debris in the well bore.  The Company is located in Royce City, Texas and was incorporated on June 29, 2009 under the laws of the State of Nevada.

Premier Oil Field Services, Inc., is the parent company of Coil Tubing Motors Corporation, (“CTM”), a company incorporated under the laws of the State of Texas. CTM was established in June 2006.

Premier is a private holding company established under the laws of Nevada on June 29, 2009, was formed in order to acquire 100% of the outstanding membership interests of CTM.  On September 30, 2009, Premier issued 7,000,000 shares of common stock in exchange for a 100% equity interest in CTM.  As a result of the share exchange, CTM became the wholly owned subsidiary of Premier.  As a result, the members of CTM owned a majority of the voting stock of Premier.  The transaction was accounted for as a reverse merger whereby CTM was considered to be the accounting acquirer as its members retained control of Premier after the exchange, although Premier is the legal parent company.  The share exchange was treated as a recapitalization of Premier.  As such, CTM, (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Premier had always been the reporting company and then on the share exchange date, had changed its name and reorganized its capital stock.  The share exchange transaction was effected to change the state of incorporation to allow the opportunity for a reduction of franchise taxes under the new Texas franchise tax calculations and to facilitate the initial public offering.  At the time of the exchange transaction, Premier had no assets or liabilities and CTM had assets of approximately $409,000 with equity of approximately $81,800.

The capital structure of Premier is presented as a consolidated entity as if the transaction had been effected in 2006 to consistently reflect the number of shares outstanding. However, the capital structure as presented is different that the capital structure that appears in the historical statements of CTM, in earlier periods due to the recapitalization accounting.

The Company operates on a calendar year-end.    Due to the nature of their operations, the Company operates in only one business segment.

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting.  It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.  

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Unaudited Interim Financial Statements:

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding year contained in the Company’s Annual Report on Form 10-K. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

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Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.

The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud.  The Company's system of internal  accounting control is designed to assure, among other items, that  1) recorded  transactions  are valid;  2) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  period in a timely  manner to produce financial  statements which present fairly the financial  condition,  results of operations  and cash  flows of the  Company  for the  respective  periods  being presented.

Cash and Cash Equivalents:

All highly liquid investments with original maturities of three months or less are included in cash and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820,  the Company  calculates the fair value of its assets and  liabilities which qualify as financial  instruments  under this statement and includes this additional information in the notes to the financial statements  when the fair value is different  than the  carrying  value of those financial instruments.  

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate  their fair values due to the short-term maturities of these instruments.  The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10.  Revenue will be recognized only when all of the following criteria have been met:

• Persuasive evidence of an arrangement exists;

• Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided;

• The price is fixed and determinable; and

• Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising:

The Company did not incur any advertising expenses in the three and nine months ended September 30, 2012 and 2011.

Cost of Sales:

Cost of sales consists primarily of shop supplies, field related expenses, and deprecation on equipment used in providing services.

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Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

 Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans:

The Company has no employee benefit plans.

NOTE 2 – FIXED ASSETS

Fixed assets at September 30, 2012 and December 31, 2011 are as follows:

	September 30, 2012			December 31, 2011
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		188,610			81,899
Machinery &  Equipment		319,223			319,223
Less: Accumulated Depreciation		(319,979	)		(250,864	)
Total Fixed Assets	$	197,602		$	160,006

Depreciation expense for the three months ended September 30, 2012 and 2011 was $28,365 and $20,043, respectively. Depreciation expense for the nine months ended September 30, 2012 and 2011 was $78,783 and $56,810, respectively

During the nine months ended September 30, 2012 the Company purchased a vehicle at a cost of $43,593.

In February 2012 the Company purchased a trailer for $128,907 and due to misrepresentation by the seller the trailer was returned August 2012 and the bank released the Company of its obligation which was $114,599 at the time. Other income of $11,613 was recorded on the settlement.

In September 2012 the Company purchased a new trailer for $63,118.

NOTE 3 – EQUITY

The Company is authorized to issue 20,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2012 and December 31, 2011, there were zero shares issued and outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2012 and December 31, 2011, there were 7,346,336 and 7,346,336 shares issued and outstanding, respectively.

9

On July 14, 2010 the Company filed a Form S-1; general form for registration of securities under the Securities Act of 1933, and filed an amended Form S-1 on December 3, 2010, and it became effective on January 7, 2011.  The Company, under this registration statement, is authorized to raise up to $600,000 by selling 800,000 shares of common stock at $.75 per share.   As of September 30, 2011 we sold a total of 346,336 shares for $259,752 and closed the offering.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

The Company leases office and warehouse space in Royce City, Texas. The facility is approximately 10,000 square feet and is $1,250 per month on a month-to-month basis.

At September 30, 2012, the Company had the following outstanding notes payable:

• Vehicle loan from Alliance Bank, dated January 27, 2011, originally for $17,286, at an annual interest rate of 11.942% due July 27, 2013.  Amount due at September 30, 2012 was $12,279.  The current principal amount due in one year is $12,279.
• Vehicle loan from Ford Motor Credit, dated June 15, 2011, originally for $66,703, at an annual interest rate of 9.4% due June 15, 2017.  Amount due at September 30, 2012 was $55,986.  The current principal amount due in one year is $9,607.
• Vehicle loan from Alliance Bank, dated September 8, 2011, originally for $12,500, at an annual interest rate of 12% due September 8, 2014.  Amount due at September 30, 2012 was $8,799.  The current principal amount due in one year is $4,149.
• Vehicle loan from Alliance Bank, dated March 20, 2012, originally for $34,000, at an annual interest rate of 7.5% due March 20, 2017.  Amount due at September 30, 2012 was $31,159. The current principal amount due in one year is $6,033.
• Vehicle loan from Alliance Bank, dated September 17, 2012, originally for $52,119, at an annual interest rate of 4.75% due August 17, 2017.  Amount due at September 30, 2012 was $52,119.  The current principal amount due in one year is $9,448..
• Vehicle loan from Southside Bank, dated February 13, 2012, originally for $116,787, at an annual interest rate of 8.2% due February 28, 2022.  This note was cancelled on August 13, 2012 with a balance of $114,559 remaining.

NOTE 5 – INCOME TAXES

The Company has adopted ASC 740-10, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The cumulative tax effect at the expected tax rate of 25% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2012 and December 31, 2011 are as follows:

Deferred tax asset related to:

	September 30,			December 31,
	2012			2011
Prior Year	$	59,300		$	53,930
Utilization of NOL		0			0
Tax Benefit for Current Period		21,206			5,370
Net Operating Loss Carryforward	$	80,506		$	59,300
Less: Valuation Allowance		(80,506	)		(59,300	)
Net Deferred Tax Asset	$	0		$	0

The cumulative net operating loss carry-forward is approximately $281,073 at September 30, 2012 and $196,250 at December 31, 2011, and will expire in the years 2025 through 2031.    The realization of deferred tax benefits is contingent upon future earnings, therefore, the net deferred tax asset has been fully reserved.

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NOTE 6 – LEGAL PROCEEDINGS

The Company is involved in one legal proceeding. On June 15, 2010, the Company was served with a lawsuit from National Oilwell Varco LP (“VARCO”), a vendor of the Company, for $114,065, related to unpaid invoices from October 25, 2007 to September 30, 2008  During April, 2011 the Company agreed to a settlement that would require the Company to pay $122,304 over the next 24 months in equal installments of $5,096 month. The parties to the settlement also signed a judgment for $140,000 that will only be filed in the event of a default by the Company. As of August 9, 2012 the Company failed to make payments in May, June and July and technically is in default, therefore the Company accrued an additional $29,141 ($25,935 of principal and $3,206 of interest) to true-up the balance to the $140,000 original judgment, as agreed. In August 2012 the Company and VARCO agreed that the Company will resume payments by August 20, 2012 and will continue to make such payments by the 15^th of each month thereafter as set forth in the original agreement. The final payment will now be due by September 15, 2013. In consideration for this agreement the Company agreed to pay VARCO an additional $1,500. VARCO retains the right to execute the original agreement should the Company breach this amendment. The balance owed at September 30, 2012 and December 31, 2011 was $50,960 and $81,536, respectively.

NOTE 7 – FINANCIAL CONDITION AND GOING CONCERN

The Company has a retained deficit through September 30, 2012 totaling approximately $281,073 and negative working capital of approximately $25,544.   Because of the retained deficit, the Company will require additional working capital to develop its business operations.

The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2012.  Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.

The Company intends to raise additional working capital either through private placements, and/or bank financing, or additional loans from Management if there is need for liquidity. Management may also consider reducing administrative costs. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, and/or bank financing necessary to support the Company’s working capital requirements.  To the extent that funds generated from private placements, and/or bank financing are insufficient, the Company will have to raise additional working capital.   No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not generated from operations, financing is not available, or the Management cannot loan sufficient funds, the Company may not be able to continue its operations.

Management believes that the efforts it has made to promote its operation will continue for the foreseeable future.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 8 – REVENUE CONCENTRATION

The Company provides drilling services to the oil and gas industry and has two significant customers from which 94% of revenues were derived during the nine months ended September 30, 2012.

Customers	2012 Revenue	%	2011 Revenue	%
A – Related Party	$0	0.0%	$85,001	28.3%
B	224,039	88.3	130,170	43.3
C	14,100	5.6	30,500	10.1
Others	15,660	6.1	55,186	18.3
TOTAL	$253,779	100.0%	$300,857	100.0%

None of the Company’s revenue for the nine months ended September 30, 2012 was generated from services performed for an entity controlled by the Company’s chief executive officer.

Approximately 28.3% of the Company’s revenue for the nine months ended September 30, 2011 was generated from services performed for an entity controlled by the Company’s chief executive officer.

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NOTE 9 – SUBSEQUENT EVENTS

In conjunction with the preparation of these financial statements, an evaluation of subsequent events was performed.    No reportable subsequent events were noted.

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Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS

General

We have seen the increase in oil and gas prices, that started in 2011, continue in 2012. This has significantly increased our first quarter revenue from third party sources . Also, in 2012, we are implementing our growth plan that we initially laid out in our S-1 filings and therefore will see increased advertising and marketing costs.

Employees

We currently employ two employees, the President, and a field operator.

RESULTS FOR THE NINE MONTHS ENDED September 30, 2012 and 2011

Our quarter ended on September 30, 2012.  Any reference to the end of the fiscal quarter refers to the end of the first quarter for the period discussed herein.

GENERAL. Due to the increase in the price of crude oil and natural gas during 2011 we saw increased sales activity which translated into increased third party revenues and the trend has continued into 2012 but sales from related parties has reduced to $0. Revenues are down 16% to $253,799 for the period and third party revenues were up 18% to $253,799. Related party revenues were $0 in 2012 compared to $85,001 in 2011.

REVENUE.  Revenue for the three months ended September 30, 2012 was $41,450 compared to $42,743 for the three month period ended September 30, 2011.  Third party revenues, were down $1,293 or 3%. The 2012 sales were down versus 2011 due to a slow-down in the market and reduced down-hole projects contracted and decrease in related party revenues of $73,301.

Revenue for the nine months ended September 30, 2012 was $253,799 compared to $300,857 for the nine month period ended September 30, 2011.  Third party revenues, as mentioned above, were up $37,973 or 18%. This is due to a number of projects from one customer ($224,039) but off-set by no related party revenues ($85,001).

GROSS PROFIT.  Gross profit for the three months ended September 30, 2012 was $7,326 or 17.7%, compared to $90,884 or 78.3%, for the three months ended September 30, 2011.   Backing out depreciation expense of $28,113 and $19,555 for 2012 and 2011, respectively, gross margin would be 85.5% compared to 95.2%, respectively, a decrease of 9.7% points (about $4,000). The change is due to slightly lower margins on its main customer (vs. standard margin of 85%).

Gross profit for the nine months ended September 30, 2012 was $141,620 or 55.8%, compared to $221,992 or 73.8%, for the nine months ended September 30, 2011.   Backing out depreciation expense of $78,029 and $55,348 for 2012 and 2011, respectively, gross margin would be 66.9% compared to 80.3%, respectively, a decrease of 13.4% points (about $34,000). The change is due to slightly lower margins on its main customer (vs. standard margin of 85%).

OPERATING EXPENSES. Total operating expenses for the three months ended September 30, 2012 were $14,584 compared to $108,473 for the three months ended September 30, 2011. Depreciation expense included in the operating expense was $251 and $488, respectively, for the three months ended September 30, 2012 and 2011. The net decrease of $93,889 is related to backing out the VARCO judgment accrual (taken in Q2) of $25,900, decreased payroll and contract services of $15,000, auto expenses of $15,000, travel expenses of $12,000 and general expenses of $25,000.

Total operating expenses for the nine months ended September 30, 2012 were $229,163 compared to $306,932 for the nine months ended September 30, 2011. Depreciation expense included in the operating expense was $754 and $1,462, respectively, for the nine months ended September 30, 2012 and 2011. The net decrease of $77,031 is related to decreased payroll and contract services of $49,000, travel $17,000, auto expenses of $10,000 and other expenses of $12,000, and offset by increased professional services of $12,000.

NET LOSS. Net income (loss) for the three months September 30, 2012 was income of $6,862 compared to a loss of $19,469 for the three months ended September 30, 2011.   The decreased sales volume and expense fluctuations as discussed above were as discussed above was the cause for the income increase.

Net loss for the nine months September 30, 2012 was $84,824 compared to a loss of $101,780 for the nine months ended September 30, 2011.   The decreased sales volume and expense fluctuations as discussed above were the cause for the income change.

13

LIQUIDITY AND CAPITAL RESOURCES. On July 14, 2010 the Company filed a Form S-1; general form for registration of securities under the Securities Act of 1933, and filed an amended Form S-1 on December 3, 2010, and it became effective on January 7, 2011.  The Company, under this registration statement, is authorized to raise up to $600,000 by selling 800,000 shares of common stock at $.75 per share.   As of September 30, 2011 we sold a total of 346,336 shares for $259,752 and closed the offering.

Trends, events or uncertainties impact on liquidity:

The Company knows of no trends, additional events or uncertainties that would impact liquidity other than the volatility of the oil.

In addition to the preceding, the Company plans for liquidity needs on a short term and long term basis as follows:

Short Term Liquidity:

The Company has an accumulated deficit of approximately $281,073 as of September 30, 2012.   The Company has relied on external sources of financing to assist short-term working capital needs; through bank loans and shareholder advances.  The monies raised under the Form S-1/A registration will meet the Company’s liquidity needs for the next nine months.  Of the short-term liabilities (approximately $130,954), $50,960 relates to the VARCO lawsuit, leaving approximately $79,994 of short-term liabilities that require funding and have specific due dates over the next 12 months.  We plan to accomplish this through cash flows from additional revenues, as we anticipate continued growth.

.

Long Term Liquidity:

The long term liquidity needs of the Company are projected to be met primarily through the cash flow provided by operations. Cash flow from Operating Activities is expected to continue to improve as revenue increases in 2012.

Capital Resources

As of September 30, 2012, the Company had capital commitments of $162,342 for vehicles and trailers purchased.  As of the date of this filing the Company had no additional commitments other than what is disclosed in the footnotes to the financial statements.  

Trends, events or uncertainties

The Company, since its inception in 2006, has not experienced noticeable revenue trends.   Revenue follows the oil market and when prices increase business usually remains strong.  Historically, when oil prices fall, revenue for the Company decreases.

Material Changes in Financial Condition

WORKING CAPITAL: Working Capital as of September 30, 2012 decreased by about $18,439 to negative $25,543, versus as of December 31, 2011.  

STOCKHOLDER’S EQUITY: Stockholder’s Equity as of September 30, 2012 decreased by about $84,800 due to the net loss.

GOING CONCERN: The Company has negative working capital of $25,543 and an accumulated deficit of $281,073 as of  September 30, 2012. Because of this accumulated deficit and limited operations, the Company may require additional working capital to survive. The Company intends to raise additional working capital either through private placements or bank loans or loans from management if there is need for liquidity to alleviate the substantial doubt to continuing as a going concern. There are no assurances that the Company will be able to do any of these. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital cannot be generated, the Company may not be able to continue its operations.

Management Advisors

Yorkdale Capital, LLC advises and assists the President with many aspects related to the regulatory filings including assistance with the consolidation of financial statements for the quarterly reviews and year-end audit. Yorkdale Capital, LLC or its principals are shareholders.

Item 3:  Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

14

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2012.  This evaluation was accomplished under the supervision and with the participation of our chief executive officer / principal executive officer, and chief financial officer / principal financial officer who concluded that our disclosure controls and procedures are not effective.

Based upon an evaluation conducted for the period ended September 30, 2012, our Chief Executive and Chief Financial Officer as of September 30, 2012 and as of the date of this Report, has concluded that as of the end of the periods covered by this report, we have identified the following material weakness of our internal controls:

·   Reliance upon third party financial reporting consultants for review of critical accounting areas and disclosures and material non-standard transaction.

·   Lack of sufficient accounting staff which results in a lack of segregation of duties necessary for a good system of internal control.

In order to remedy our existing internal control deficiencies, as our finances allow, we will hire additional accounting staff.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

15

PART II

Items No. 1, 2, 3, 4, 5 - Not Applicable.

Item No. 6 - Exhibits and Reports on Form 8-K

(a)  None

(b)   Exhibits

Exhibit Number		Name of Exhibit
31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

PREMIER OIL FIELD SERVICES, Inc.

By /s/ Lewis Andrews

Lewis Andrews, Chief Executive Officer

and Chief Financial Officer

Date: November 19, 2012

16

EX-31.1

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Lewis Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PREMIER OIL FIELD SERVICES, INC.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this amended report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2012

/s/ Lewis Andrews

Lewis Andrews

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Lewis Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q PREMIER OIL FIELD SERVICES, INC.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this amended report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2012

/s/ Lewis Andrews

Lewis Andrews

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of PREMIER OIL FIELD SERVICES, INC. (the “Company”) on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated: November 19, 2012

/s/ Lewis Andrews

Name: Lewis Andrews

Title: Chief Executive Officer

Dated: November 19, 2012

/s/ Lewis Andrews

Name: Lewis Andrews

Title: Chief Financial Officer

XML

NOTE 2 FIXED ASSETS (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Depreciation Expense	$ 28,113	$ 19,555	$ 78,783	$ 55,348
Purchased Vehicles			235,618
Loan Balance voided			114,599
Other income	$ (11,613)	$ 0	$ (11,613)	$ 0

XML

NOTE 2 FIXED ASSETS

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets at September 30, 2012 and December 31, 2011 are as follows:

		September 30, 2012			December 31, 2011
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		188,610			81,899
Machinery &  Equipment		319,223			319,223
Less: Accumulated Depreciation		(319,979	)		(250,864	)
Total Fixed Assets	$	197,602		$	160,006

Depreciation expense for the three months ended September 30, 2012 and 2011 was $28,365 and $20,043, respectively. Depreciation expense for the nine months ended September 30, 2012 and 2011 was $78,783 and $56,810, respectively

During the nine months ended September 30, 2012 the Company purchased a vehicle at a cost of $43,593.

In February 2012 the Company purchased a trailer for $128,907 and due to misrepresentation by the seller the trailer was returned August 2012 and the bank released the Company of its obligation which was $114,599 at the time. Other income of $11,613 was recorded on the settlement.

In September 2012 the Company purchased a new trailer for $63,118,

XML

NOTE 6 LEGAL PROCEEDINGS (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011	Apr. 30, 2011
Notes to Financial Statements
VARCO settlement balance	$ 50,960	$ 81,536	$ 122,304

XML

NOTE 5 INCOME TAXES (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2010
Notes to Financial Statements
EffectiveTax Rate	2500.00%
Cummulative Operating Loss Carryforward	$ 281,073	$ 196,250

XML

NOTE 7 FINANCIAL CONDITION AND GOING CONCERN (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Notes to Financial Statements
Accumulated Deficit	$ (281,073)	$ (196,249)
Working Capital	$ 25,544

XML

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Premier Oil Field Services, Inc. (The “Company” or "Premier") serves the oil and gas industry with down-hole drilling motors. These motors are used in the oil and gas well drilling process to drill out frac plugs and other debris in the well bore. The Company is located in Royce City, Texas and was incorporated on June 29, 2009 under the laws of the State of Nevada.

Premier Oil Field Services, Inc., is the parent company of Coil Tubing Motors Corporation, (“CTM”), a company incorporated under the laws of the State of Texas. CTM was established in June 2006.

Premier is a private holding company established under the laws of Nevada on June 29, 2009, was formed in order to acquire 100% of the outstanding membership interests of CTM. On June 30, 2009, Premier issued 7,000,000 shares of common stock in exchange for a 100% equity interest in CTM. As a result of the share exchange, CTM became the wholly owned subsidiary of Premier. As a result, the members of CTM owned a majority of the voting stock of Premier. The transaction was accounted for as a reverse merger whereby CTM was considered to be the accounting acquirer as its members retained control of Premier after the exchange, although Premier is the legal parent company. The share exchange was treated as a recapitalization of Premier. As such, CTM, (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Premier had always been the reporting company and then on the share exchange date, had changed its name and reorganized its capital stock. The share exchange transaction was effected to change the state of incorporation to allow the opportunity for a reduction of franchise taxes under the new Texas franchise tax calculations and to facilitate the initial public offering. At the time of the exchange transaction, Premier had no assets or liabilities and CTM had assets of approximately $409,000 with equity of approximately $81,800.

The capital structure of Premier is presented as a consolidated entity as if the transaction had been effected in 2006 to consistently reflect the number of shares outstanding. However, the capital structure as presented is different that the capital structure that appears in the historical statements of CTM, in earlier periods due to the recapitalization accounting.

The Company operates on a calendar year-end. Due to the nature of their operations, the Company operates in only one business segment.

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting. It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Unaudited Interim Financial Statements:

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary to present fairly the balance sheets, statements of operations and statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to SEC rules and regulations. It is presumed that users of this interim financial information have read or have access to the audited financial statements and footnote disclosure for the preceding year contained in the Company’s Annual Report on Form 10-K. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application. The application of accounting principles requires the estimating, matching and timing of revenue and expense.

The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.

Cash and Cash Equivalents:

All highly liquid investments with original maturities of three months or less are included in cash and cash equivalents. All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments. The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts. On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections. The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payments have not been received within agreed upon invoice terms. The Company provides an allowance for all receivables that are greater than 90 days old. Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10. Revenue will be recognized only when all of the following criteria have been met:

? Persuasive evidence of an arrangement exists; ? Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided; ? The price is fixed and determinable; and ? Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising:

The Company did not incur any advertising expenses in the three and nine months ended September 30, 2012 and 2011.

Cost of Sales:

Cost of sales consists primarily of shop supplies, field related expenses, and deprecation on equipment used in providing services.

Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans:

The Company has no employee benefit plans.

XML

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 58,847	$ 112,895
Accounts receivable (net of allowance for doubtful accounts of $0 and $0)	45,564	63,972
Total current assets	105,411	176,867
Fixed assets (net of accumulated depreciation of $319,979 and $250,864)	197,602	160,006
Other assets	5,358	5,188
TOTAL ASSETS	308,371	342,061
Current Liabilities:
Accounts payable	35,173	59,219
Accrued expenses	3,306	23,284
Other liabilities - Settlement Payable	50,960	61,152
Current portion of notes payable	41,516	20,022
Total current liabilities	130,955	163,677
Long term liabilities:
Shareholder advances	52,255	3,334
Long term accounts payable	200	200
Notes payable	162,342	85,529
Long term portion of settlement payable	0	20,384
Less: Current portion of notes payable	(41,516)	(20,022)
Total long term liabilities	173,281	89,425
TOTAL LIABILITIES	304,236	253,102
Stockholders' Equity (Deficit)
Preferred stock, $0.001 par value, 20,000,000 authorized, 0 issued and outstanding	0	0
Common stock, $0.001 par value, 50,000,000 authorized, 7,346,336 and 7,000,000 issued and outstanding	7,346	7,346
Additional paid in capital	277,862	277,862
Accumulated deficit	(281,073)	(196,249)
Total Stockholders' Equity (Deficit)	4,135	88,959
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 308,371	$ 342,061

XML

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (84,824)	$ (101,780)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation expense	78,783	55,348
Bad debt expense	0	0
Loss on sale of assets	0	9,488
Change in assets and liabilities:
Accounts receivable	17,408	10,815
Other current assets	(170)	(2,347)
Accounts payable	(50,542)	(85,596)
Accrued expenses	(24,058)	(22,076)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(63,403)	(134,726)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets	119,239	42,000
Purchase of fixed assets	(235,618)	(81,899)
NET CASH (USED IN) INVESTING ACTIVITIES	(116,379)	(39,899)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of stock for cash	0	259,752
Advances on shareholder loan	48,921	23,017
Repayments on shareholder loan		(1,950)
Payments on notes payable	(138,842)	(66,082)
Proceeds from notes payable	215,655	96,489
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	125,734	311,226
NET CHANGE IN CASH AND CASH EQUIVALENTS	(50,048)	136,601
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD	112,895	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	58,847	136,601
SUPPLEMENTAL DISCLOSURES:
Cash paid during period for interest expense	8,942	7,408
Non-cash impact on loss of sale of assets	$ 0	$ 9,488

XML

NOTE 5 INCOME TAXES - Deferred Tax Table (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Notes to Financial Statements
Prior Year	$ 59,300	$ 53,930
Utilization of NOL	0	0
Tax Benefit for Current Period	21,206	5,370
Net Operating Loss Carryforward	80,506	59,300
Less: Valuation Allowance	(80,506)	(59,300)
Net Deferred Tax Asset	$ 0	$ 0

XML

NOTE 8 REVENUE CONCENTRATION - NOTE 8 Customer Sales, Percent (Details) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Customer A Related Party	$ 0	$ 28
Customer B	88	43
Customer C	6	10
Others	6	19
TOTAL	$ 100	$ 100

XML

Consolidated Shareholders Equity (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Begining balance, APIC at Dec. 31, 2010		$ 18,456
Begining balance, stockholders' equity (deficit) at Dec. 31, 2010			(174,776)	(149,320)
Begining balance, amount at Dec. 31, 2010	7,000
Begining balance, shares outstanding at Dec. 31, 2010	7,000,000			7,000,000
Issuance of common stock for cash, shares	346,336
Issuance of common stock for cash, amount	346			0
Issuance of common stock, APIC		259,406
Net income (loss)			(21,473)	(215,714)
Stockholders' equity (deficit) at Dec. 31, 2011			(196,249)	88,959
Accumulated Deficit at Dec. 31, 2011			(196,249)	(196,249)
Ending balance, APIC at Dec. 31, 2011		277,862
Common stock, amount at Dec. 31, 2011	7,346
Common stock, shares outstanding at Dec. 31, 2011	7,346,336			7,346,336
Issuance of common stock for cash, amount				0
Net income (loss)			(84,824)	(84,824)
Stockholders' equity (deficit) at Sep. 30, 2012				4,135
Accumulated Deficit at Sep. 30, 2012			(281,073)	(281,073)
Ending balance, APIC at Sep. 30, 2012		277,862
Common stock, amount at Sep. 30, 2012	$ 7,346
Common stock, shares outstanding at Sep. 30, 2012	7,346,336			7,346,336

XML

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0	$ 0
Accumulated depreciation	$ (319,979)	$ (250,864)
Preferred stock, par or stated value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares outstanding	7,346,336	7,346,336

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NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Basis of Accounting and Consolidation

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting. It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Cash and Cash Equivalents

Cash and Cash Equivalents:

All highly liquid investments with original maturities of three months or less are included in cash and cash equivalents. All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

In accordance with the reporting requirements of ASC 820, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments. The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.

Accounts Receivable

Accounts Receivable:

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts. On a periodic basis, the Company evaluates accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections. The Company’s policy is generally not to charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payments have not been received within agreed upon invoice terms. The Company provides an allowance for all receivables that are greater than 90 days old. Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10. Revenue will be recognized only when all of the following criteria have been met:

? Persuasive evidence of an arrangement exists; ? Ownership and all risks of loss have been transferred to buyer, which is generally upon shipment or at the time the service is provided; ? The price is fixed and determinable; and ? Collectability is reasonably assured.

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising

Advertising:

The Company did not incur any advertising expenses in the three and six months ended June 30, 2012 and 2011.

Cost of Sales

Cost of Sales:

Cost of sales consists primarily of shop supplies, field related expenses, and deprecation on equipment used in providing services.

Income Taxes

Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

Use of Estimates

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements:

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Employee Benefit Plans

Employee Benefit Plans:

The Company has no employee benefit plans.

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Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2012
Document And Entity Information
Entity Registrant Name	Premier Oil Field Services, Inc.
Entity Central Index Key	0001488638
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 7,346,336
Entity Common Stock, Shares Outstanding	7,346,336
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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NOTE 2 FIXED ASSETS (Tables)

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Fixed Assets

		September 30, 2012			December 31, 2011
Office  Equipment	$	9,748		$	9,748
Trucks & Trailers		188,610			81,899
Machinery &  Equipment		319,223			319,223
Less: Accumulated Depreciation		(319,979	)		(250,864	)
Total Fixed Assets	$	197,602		$	160,006

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUES:
Third party revenues	$ 41,450	$ 42,743	$ 253,799	$ 215,856
Related party revenues	0	73,301	0	85,001
TOTAL REVENUES	41,450	116,044	253,799	300,857
Cost of sales (inclusive of depreciation of $28,113, $19,555, $78,029 and $55,348)	34,124	25,160	112,179	78,865
Gross Profit	7,326	90,884	141,620	221,992
Operating Expenses:
Other general and administative	14,585	108,473	229,164	306,932
Total operating expenses	14,585	108,473	229,164	306,932
Operating income (loss)	(7,259)	(17,589)	(87,544)	(84,940)
Other income (expense):
Interest (income) expense, net	(2,508)	1,880	8,893	7,392
Other income	(11,613)	0	(11,613)	0
Loss on sale of assets	0	0	0	9,488
Total other (income) expense net	(14,121)	1,880	(2,720)	16,840
Net income (loss)	$ 6,862	$ (19,469)	$ (84,824)	$ (101,780)
Basic and diluted loss per share	$ 0.00	$ 0.00	$ (0.01)	$ (0.01)
Weighted average shares outstanding: basic and diluted	7,346,336	7,335,348	7,346,336	7,258,025

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NOTE 5 INCOME TAXES

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

NOTE 5 INCOME TAXES

The Company has adopted ASC 740-10, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The cumulative tax effect at the expected tax rate of 25% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2012 and December 31, 2011 are as follows:

Deferred tax asset related to:

	September 30,			December 31,
	2012			2011
Prior Year	$	59,300			$53,930
Utilization of NOL		0			0
Tax Benefit for Current Period		21,206			5,370
Net Operating Loss Carryforward	$	80,506		$	59,300
Less: Valuation Allowance		(80,506	)		(59,300	)
Net Deferred Tax Asset	$	0		$	0

The cumulative net operating loss carry-forward is approximately $281,073 at September 30, 2012 and $196,250 at December 31, 2011, and will expire in the years 2025 through 2031.    The realization of deferred tax benefits is contingent upon future earnings, therefore, the net deferred tax asset has been fully reserved.

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NOTE 4 COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

NOTE 4 COMMITMENTS AND CONTINGENCIES

The Company leases office and warehouse space in Royce City, Texas. The facility is approximately 10,000 square feet and is $1,250 per month on a month-to-month basis.

At September 30, 2012, the Company had the following outstanding notes payable:

• Vehicle loan from Alliance Bank, dated January 27, 2011, originally for $17,286, at an annual interest rate of 11.942% due July 27, 2013.  Amount due at September 30, 2012 was $12,279.  The current principal amount due in one year is $12,279.
• Vehicle loan from Ford Motor Credit, dated June 15, 2011, originally for $66,703, at an annual interest rate of 9.4% due June 15, 2017.  Amount due at September 30, 2012 was $55,986.  The current principal amount due in one year is $9,607.
• Vehicle loan from Alliance Bank, dated September 8, 2011, originally for $12,500, at an annual interest rate of 12% due September 8, 2014.  Amount due at September 30, 2012 was $8,799.  The current principal amount due in one year is $4,149.
• Vehicle loan from Alliance Bank, dated March 20, 2012, originally for $34,000, at an annual interest rate of 7.5% due March 20, 2017.  Amount due at September 30, 2012 was $31,159. The current principal amount due in one year is $6,033.
• Vehicle loan from Alliance Bank, dated September 17, 2012, originally for $52,119, at an annual interest rate of 4.75% due August 17, 2017.  Amount due at September 30, 2012 was $52,119.  The current principal amount due in one year is $9,448..
• Vehicle loan from Southside Bank, dated February 13, 2012, originally for $116,787, at an annual interest rate of 8.2% due February 28, 2022.  This note was cancelled on August 13, 2012 with a balance of $114,559 remaining.

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NOTE 8 REVENUE CONCENTRATION - NOTE 8 Customer Sales, Revenue (Details) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Customer A Related Party	$ 0	$ 85,001
Customer B	224,039	130,500
Customer C	14,100	30,500
Others	15,660	55,186
TOTAL	$ 253,779	$ 300,857

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NOTE 5 INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Deferred Tax Table

	June 30,			December 31,
	2012			2011
Prior Year	$	59,300			$53,930
Utilization of NOL		0			0
Tax Benefit for Current Period		21,206			5,370
Net Operating Loss Carryforward	$	80,506		$	59,300
Less: Valuation Allowance		(80,506	)		(59,300	)
Net Deferred Tax Asset	$	0		$	0

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NOTE 8 REVENUE CONCENTRATION

9 Months Ended

Sep. 30, 2012

Risks and Uncertainties [Abstract]

NOTE 8 REVENUE CONCENTRATION

The Company provides drilling services to the oil and gas industry and has three significant customers from which 100% of revenues were derived during the nine months ended September 30, 2012.

Top Customers – Sales $	YTD 2012	YTD 2011
Customer A – Related Party	0	85,001
Customer B	224,039	130,170
Customer C	14,100	30,500
Others	15,660	55,186
TOTAL	253,779	300,857

Top Customers – Sales %	YTD 2012	YTD 2011
Customer A – Related Party	0	28
Customer B	88	43
Customer C	6	10
Others	6	19
TOTAL	100	100

None of the Company’s revenue for the nine months ended September 30, 2012 was generated from services performed for an entity controlled by the Company’s chief executive officer.

Approximately 28% of the Company’s revenue for the nine months ended September 30, 2011 was generated from services performed for an entity controlled by the Company’s chief executive officer.

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NOTE 6 LEGAL PROCEEDINGS

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

The Company is involved in one legal proceeding. On June 15, 2010, the Company was served with a lawsuit from National Oilwell Varco LP (“VARCO”), a vendor of the Company, for $114,065, related to unpaid invoices from October 25, 2007 to September 30, 2008  During April, 2011 the Company agreed to a settlement that would require the Company to pay $122,304 over the next 24 months in equal installments of $5,096 month. The parties to the settlement also signed a judgment for $140,000 that will only be filed in the event of a default by the Company. As of August 9, 2012 the Company failed to make payments in May, June and July and technically is in default, therefore the Company accrued an additional $29,141 ($25,935 of principal and $3,206 of interest) to true-up the balance to the $140,000 original judgment, as agreed. In August 2012 the Company and VARCO agreed that the Company will resume payments by August 20, 2012 and will continue to make such payments by the 15^th of each month thereafter as set forth in the original agreement. The final payment will now be due by September 15, 2013. In consideration for this agreement the Company agreed to pay VARCO an additional $1,500. VARCO retains the right to execute the original agreement should the Company breach this amendment. The balance owed at September 30, 2012 and December 31, 2011 was $50,960 and $81,536, respectively.

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NOTE 7 FINANCIAL CONDITION AND GOING CONCERN

9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 7 FINANCIAL CONDITION AND GOING CONCERN

The Company has a retained deficit through September 30, 2012 totaling approximately $281,073 and negative working capital of approximately $25,544.   Because of the retained deficit, the Company will require additional working capital to develop its business operations.

The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2012.  Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.

The Company intends to raise additional working capital either through private placements, and/or bank financing, or additional loans from Management if there is need for liquidity. Management may also consider reducing administrative costs. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, and/or bank financing necessary to support the Company’s working capital requirements.  To the extent that funds generated from private placements, and/or bank financing are insufficient, the Company will have to raise additional working capital.   No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not generated from operations, financing is not available, or the Management cannot loan sufficient funds, the Company may not be able to continue its operations.

Management believes that the efforts it has made to promote its operation will continue for the foreseeable future.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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NOTE 9 SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

NOTE 9 SUBSEQUENT EVENTS

In conjunction with the preparation of these financial statements, an evaluation of subsequent events was performed.    No reportable subsequent events were noted.

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NOTE 2 FIXED ASSETS - Fixed Assets (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012	Dec. 31, 2011
Notes to Financial Statements
Trucks & Trailers		$ 188,610	$ 81,899
Office Equipment		9,748	9,748
Machinery & Equipment		319,223	319,223
Less: Accumulated Depreciation	(319,979)	(319,979)	(250,864)
Total Fixed Assets	$ 197,602	$ 197,602	$ 160,006

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NOTE 3 EQUITY (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Notes to Financial Statements
Preferred Stock, shares authorized	20,000,000	20,000,000
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares outstanding	0	0
Common Stock, shares authorized	50,000,000	50,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares outstanding	7,346,336	7,346,336		7,000,000
Shares sold under Form S-1			346,336
Money raised under Form S-1			$ 259,752

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Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement [Abstract]
Depreciation Expense	$ 28,113	$ 19,555	$ 78,029	$ 55,348

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NOTE 3 EQUITY

9 Months Ended

Sep. 30, 2012

Equity [Abstract]

NOTE 3 EQUITY

The Company is authorized to issue 20,000,000 preferred shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2012 and December 31, 2011, there were zero shares issued and outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2012 and December 31, 2011, there were 7,346,336 and 7,346,336 shares issued and outstanding, respectively.

On July 14, 2010 the Company filed a Form S-1; general form for registration of securities under the Securities Act of 1933, and filed an amended Form S-1 on December 3, 2010, and it became effective on January 7, 2011.  The Company, under this registration statement, is authorized to raise up to $600,000 by selling 800,000 shares of common stock at $.75 per share.   As of September 30, 2011 we sold a total of 346,336 shares for $259,752 and closed the offering.

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NOTE 4 COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	Sep. 30, 2012
Notes to Financial Statements
Loan 1 Alliance Balance	$ 12,279
Loan 1 Alliance Current	12,279
Loan 2 FMC Balance	55,986
Loan 2 FMC Current	9,607
Loan 3 Alliance Balance	8,799
Loan 3 Alliance Current	4,149
Loan 4 Alliance Balance	31,159
Loan 4 Alliance Current	6,033
Loan 6 Alliance Balance	52,119
Loan 6 Alliance Current	9,448
Loan 5 Southside Balance	0
Loan 5 Southside Current	$ 0

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NOTE 8 REVENUE CONCENTRATION (Tables)

9 Months Ended

Sep. 30, 2012

Risks and Uncertainties [Abstract]

Customer Sales, Revenue

Top Customers – Sales $	YTD 2012	YTD 2011
Customer A – Related Party	0	85,001
Customer B	224,039	130,170
Customer C	14,100	30,500
Others	15,660	55,186
TOTAL	253,779	300,857

Customer Sales, Percent

Top Customers – Sales %	YTD 2012	YTD 2011
Customer A – Related Party	0	28
Customer B	88	43
Customer C	6	10
Others	6	19
TOTAL	100	100